AgriFORCE Growing Systems Ltd., a Canadian agricultural technology company, has launched a new project converting stranded gas into electricity for Bitcoin mining in Alberta. This initiative aims to reduce energy costs and promote sustainable crypto operations.
Mining Initiative in Berwyn
AgriFORCE, in collaboration with BlueFlare Energy, has initiated a mining site in Berwyn, Alberta, housing 120 mining rigs that run on 425 kilowatts of power and deliver 32 petahashes per second of computing power. The operation utilizes stranded gas, which is often left unused due to its economic unfeasibility.
Project Expansion in Alberta
In addition to the site in Berwyn, AgriFORCE has signed a binding letter of intent with BlueFlare to launch two more gas-powered mining sites in the Alberta towns of Oyen and Hinton. These new sites will be based on the same concept of utilizing stranded gas as the one in Berwyn.
Economic Efficiency and Company Future
Since beginning its mining operations across Alberta and Ohio, AgriFORCE has mined approximately 7 BTC worth around $735,000. The company plans to retain up to 50% of its mined Bitcoin in its treasury, with the remaining funds allocated to further expansion. As of June 17, AgriFORCE shares (AGRI) closed up 1.85%, though they remain down over 53% year-to-date. Nonetheless, the firm's revenue has surged 317%, and net profits have climbed more than 66%.
The AgriFORCE project highlights the growing interest in using clean energy sources in the cryptocurrency industry, particularly amid rising Bitcoin mining costs.
